Yes, you may report a Casualty Loss for all farm assets lost due to a Federally Declared Disaster.
In TurboTax, jump to the entry area for casualty loss:
- Open your return. (To do this, sign in to TurboTax and open or continue your return.)
- Search for casualty loss and then click the Jump to link in the search results.
Or go to Tax Tools >> Tools >> Topic Search and enter casualty loss.
- On the Did you have anything damaged or stolen in 2021? screen, select Yes.
- Answer the interview questions describing your event.
When you complete the event and reach the Property Summary screen, you can enter any additional property losses by selecting the Add a Property button.
Also, review the information below under "How to Speed Up Your Refund," especially the information on how to describe your casualty loss.
I live in a federally declared disaster area, what does that mean for my taxes?
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